Financial Performance Summary (Adjusted for Ind AS 116)

Q2 FY27 Performance:

  • Total Income: ₹21,327 million (up 17% YoY from ₹18,187 million in Q2 FY26)
  • EBITDA: ₹4,752 million (up 44% YoY from ₹3,300 million in Q2 FY26)
  • EBITDA Margin: 22.3% (expanded by approximately 420 basis points from 18.1% in Q2 FY26)
  • PAT (continuing operations): ₹2,733 million (up 111% YoY from ₹1,296 million in Q2 FY26)

H1 FY27 Performance:

  • Total Income: ₹37,750 million (up 15% YoY from ₹32,869 million in H1 FY26)
  • EBITDA: ₹7,048 million (up 56% YoY from ₹4,511 million in H1 FY26)
  • PAT (continuing operations): ₹3,438 million (up 233% YoY from ₹1,032 million in H1 FY26)
  • EBITDA Margin: 18.7% in H1 FY27 (compared to 17-18% pre-COVID at higher occupancy)

Operational Metrics

  • Patrons: 46.3 million (4% YoY growth)
  • Occupancy: 30.4% (improved from 28.7% YoY)
  • Average Ticket Price (ATP): ₹298 (14% YoY growth)
  • Average F&B Spend per Head (SPH): ₹153 (14% YoY growth)
  • Ticketing and F&B revenues each grew 18%

Industry Context

Based on Ormax Media and Company estimates:

  • Q2 FY27 gross box office collections reached ₹4,443 crores (up 23% YoY), crossing ₹4,000 crores in a single quarter for the first time
  • H1 FY27 industry box office rose 22% to ₹7,618 crores
  • English-language films' collections rose 87% to ₹1,024 crores (first time crossing ₹1,000 crores in a quarter)
  • Hindi box office (including dubbed films) grew 12% year on year
  • Regional collections grew 12%

Notable film performances:

  • Spider-Man: Brand New Day became India's highest-grossing English film ever at ₹608 crores
  • Christopher Nolan's The Odyssey grossed ₹233 crores
  • Avengers: Endgame Encore earned ₹45 crores in four weeks
  • Hanuman Ansh grossed ₹351 crores
  • Mirzapur: The Movie collected ₹267 crores
  • Jana Nayagan (Tamil) grossed ₹199 crores
  • Toxic (Kannada) grossed ₹296 crores

Balance Sheet and Cash Flow

  • Net cash position: ₹1,407 million as of September 30, 2026 (increased from ₹807 million in June)
  • H1 free cash flow: ₹6,035 million
  • Debt repayment: ₹2,586 million during H1
  • Completed maiden ₹3,000 million share buyback in September 2026
  • Return on capital employed improved to 16.5% on trailing twelve-month basis (from 10.2% in FY26)

Capital Allocation Policy

Board approved a new Capital Allocation and Dividend Distribution Policy that:

  • Prioritizes growth investment in screens, premium formats and technology
  • Maintains net debt to LTM EBITDA within 0.5 times after any distribution
  • Targets returning around 30% of annual surplus cash flow through dividends and/or buybacks
  • Broadens the earlier dividend-only policy

Network Expansion

  • Screens operated: 1,797 screens across 114 cities in India and Sri Lanka as of September 30, 2026
  • H1 FY27: 24 new screens opened across six cinemas (mainly asset-light), 25 screens exited (mostly lossmaking)
  • FY27 plan: 90-100 new screens planned, most expected in H2 under capital-light models
  • First SMART Cinema opened in Muzaffarpur, Bihar in September (affordable capital-light format for Tier III and IV markets)
  • 2-3 more SMART Cinemas planned this fiscal

Future Outlook

Upcoming film slate includes:

  • Hindi releases: Ramayana: Part One (November), Shah Rukh Khan's King (December), Love & War and Golmaal 5 (Q4)
  • Regional and pan-India titles: Chiranjeevi's Kaaka and Prabhas' Spirit
  • Hollywood lineup: The Hunger Games: Sunrise on the Reaping, Avengers: Doomsday, Dune: Part Three, Jumanji: Open World

Customer Engagement Initiatives

  • Value offers: Weekday morning shows at ₹99, Friday first shows at ₹149, front-row seats from ₹79
  • F&B extension: Home delivery, Grab & Go counters, outdoor catering, in-house food brand
  • Screen utilization: Live events and sporting telecasts outside peak film hours

Management Commentary

Mr. Ajay Bijli, Managing Director, PVR INOX Ltd., stated: "Q2 FY'27 has been a landmark quarter for Indian cinema and PVR INOX. We achieved record quarterly and half-yearly revenue, EBITDA and PAT, supported by strong content, higher consumer spends and disciplined costs. Our margins are now well above pre-COVID levels, a clear sign of a structurally stronger business. We generated significant free cash flow, completed our maiden share buyback and carry a strong balance sheet. We remain firmly focused on growth, expanding our network through capital-light formats and taking cinema deeper into under-screened India with our new SMART Cinemas. With an exciting content pipeline, we are committed to delivering a compelling cinema experience and long-term shareholder value."